Core Viewpoint - The company is expected to achieve net profits of 716 million, 910 million, and 1.143 billion yuan from 2025 to 2027, with year-on-year growth rates of 23%, 27%, and 26% respectively, indicating strong growth potential [1] Group 1: Joint Venture and Business Expansion - The company announced the establishment of a joint venture, holding a 70% stake, focusing on four main sectors: (1) omnichannel e-commerce + local life; (2) supply chain business; (3) quality lifestyle stations (small stores); and (4) fourth-party distribution business [1][2] - The joint venture aims to leverage supply chain and digital capabilities to explore new curves in dining and retail, enhancing brand reach and revenue elasticity in the medium term [2] Group 2: Operational Adjustments - The company has proactively adjusted its business model by reducing the proportion of takeaway orders and lowering prices on core dishes, which has decreased the takeaway revenue share from nearly 40% to about 30%-35% [3] - This strategy aims to optimize customer structure and dining experience, leading to a healthier "quality-price ratio" path for the business model [3] Group 3: Store Network and Regional Expansion - By the end of 2025, the company plans to have over 810 stores, with a net increase of over 143 stores compared to the end of 2024, and aims for approximately 1,000 stores by 2026 [4] - The expansion strategy includes both densifying existing areas and gradually entering new regions, with a clear national layout characterized by high density in East and Central China [4]

Core Viewpoint - Pacific Securities forecasts that Xiaocaiyuan (00999) will achieve net profit attributable to shareholders of 716 million yuan, 910 million yuan, and 1.143 billion yuan for 2025-2027, with year-on-year growth rates of 23%, 27%, and 26% respectively, and expects EPS of 0.61 yuan, 0.77 yuan, and 0.97 yuan for the same period, with PE ratios of 15X, 12X, and 9X respectively, maintaining a "Buy" rating due to the company's rapid store expansion and proactive adjustments [1] Group 1: Joint Venture and Business Expansion - The company announced the establishment of a joint venture, in which Xiaocaiyuan holds a 70% stake, focusing on four main areas: (1) omnichannel e-commerce + local life; (2) supply chain business; (3) quality lifestyle stations (small stores); and (4) fourth-party distribution business, aiming to explore new business formats, models, and products during operations [1][2] - The joint venture is expected to enhance brand reach and revenue flexibility in the medium term, while short-term focus should be on the pace of implementation and efficiency of input-output [2] Group 2: Operational Adjustments - The company has proactively adjusted its business model by reducing the proportion of takeaway orders and lowering prices for core dishes, decreasing takeaway revenue share from nearly 40% to about 30%-35%, with an average order value of approximately 70 yuan, which may temporarily suppress same-store sales, revenue, and profits, but aims to optimize customer structure and dining experience [3] - This adjustment is expected to lead to a healthier "quality-price ratio" path for the business model [3] Group 3: Store Network and Regional Expansion - By the end of 2025, the company plans to have over 810 stores, a net increase of over 143 from the end of 2024, with a target of approximately 1,000 stores by 2026, all adopting a direct-operated model [4] - The expansion strategy includes both densifying existing areas and gradually entering new regions, with a clear national layout characterized by high density in East and Central China, including core areas such as Jiangsu (267 stores), Anhui (144 stores), and Shanghai (78 stores), while also entering regions like Beijing-Tianjin-Hebei, Shandong, and Hubei [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小菜園國際控股有限公司 呈交日期: 2026年2月4日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00999 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 5 ...

机构：长江证券 研究员：赵刚/杨会强/马健轩 事件描述 近期观点更新。 事件评论 小菜园在2025 年11 月，发布股份激励计划，计划在未来采取期权和受限股份单位的形式向合资格参与 者授予股份；2026 年1 月成立合资公司，开展包括但不限于线上商城、"社区即食小店"等业务。 2025 年11 月，公司董事会采纳了股份激励计划，计划在未来采取期权和受限股份单位的形式向合资格 参与者授予股份，董事长汪书高先生通过持股平台所持有的若干股份，由汪先生捐赠或转让该等股份的 经济权益作为股份激励计划的股份来源。该计划是公司完善治理结构、健全中长期激励机制的关键举 措，更是绑定核心发展力量的重要布局，充分调动核心群体的积极性与创造力，将个人发展与企业成长 深度绑定。结合公司全国化门店扩张、未来海外布局及数字化转型的发展战略，此次激励计划能有效凝 聚团队共识，保障战略落地执行，为公司可持续发展筑牢人才根基，进一步提升核心竞争力，助力实现 企业规模与经营业绩的长期稳步增长。 2026 年1 月，公司与邓先生（新消费时装品牌创始人）及田先生（公司执行董事兼副总经理）订立合作 协议，公司计划以货币出资人民币1,400 万元成立合 ...

每经AI快讯，小菜园(00999.HK)一度涨超5%，截至发稿，涨4.43%，报8.95港元，成交额2438.82万港 元。 ...

小菜园(00999)涨超5%，截至发稿，涨4.43%，报8.95港元，成交额2438.82万港元。 华泰证券表示，小菜园正通过优化渠道结构及菜单价格调降强化"好吃不贵"核心竞争力。公司2H25外 卖收入增速达13.7%，收入占比提升至39%；1H25毛利率同比提升2.6个百分点至70.5%。2025年底公司 主动调降核心菜品价格约20%，预计短期影响同店但长期利好客单量增长。业务方面，公司2H25加速 开店，净新增146家至818家门店，覆盖14个省/193城，江苏/安徽等优势区域持续加密，陕西/山东等新 区域加速渗透。 消息面上，广发证券研究报告指出，据小菜园公众号，截至2025年底，公司全国门店已达810+家，较 2024年底净增143+家，其中H1/H2分别净增5家/138+家，H2拓店明显提速。此外，公司目标26年实现千 店目标，较2025年底净增近200家，2025-2026年门店增速均在23%左右(按期初期末门店平均数计算)。 该行认为，公司与2025年底主动调降核心菜品价格具有较强战略意义，质价比优势更为突出，有望持续 打开中式正餐扩张天花板。 ...

智通财经APP获悉，小菜园(00999)涨超5%，截至发稿，涨4.43%，报8.95港元，成交额2438.82万港元。 华泰证券表示，小菜园正通过优化渠道结构及菜单价格调降强化"好吃不贵"核心竞争力。公司2H25外 卖收入增速达13.7%，收入占比提升至39%；1H25毛利率同比提升2.6个百分点至70.5%。2025年底公司 主动调降核心菜品价格约20%，预计短期影响同店但长期利好客单量增长。业务方面，公司2H25加速 开店，净新增146家至818家门店，覆盖14个省/193城，江苏/安徽等优势区域持续加密，陕西/山东等新 区域加速渗透。 消息面上，广发证券研究报告指出，据小菜园公众号，截至2025年底，公司全国门店已达810+家，较 2024年底净增143+家，其中H1/H2分别净增5家/138+家，H2拓店明显提速。此外，公司目标26年实现千 店目标，较2025年底净增近200家，2025-2026年门店增速均在23%左右(按期初期末门店平均数计算)。 该行认为，公司与2025年底主动调降核心菜品价格具有较强战略意义，质价比优势更为突出，有望持续 打开中式正餐扩张天花板。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company is set to launch its high-speed rail branded train in July 2025 and initiate renovations for its first store in Hong Kong, which will elevate the brand to a new level. By November, the total number of stores (including sub-brands) exceeded 800, and by December, the number of self-operated stores surpassed 810, exceeding the annual target. The company is expected to accelerate its layout around three core directions: globalization, digitalization, and sustainability, leveraging its supply chain to enhance its brand presence in existing cities and enter new ones. The "Cai Shou" brand is expected to become the company's second-largest brand, aligning with current consumer trends in the restaurant industry. With standardized management, a complete supply chain, and an excellent single-store model, the company is poised to seize growth opportunities amid industry recovery [2][9]. Summary by Sections Recent Developments - In November 2025, the company announced a share incentive plan to grant shares in the form of options and restricted stock units to qualified participants. In January 2026, a joint venture will be established to engage in various businesses, including an online mall and "community ready-to-eat stores" [6][9]. Business Expansion and Strategy - The company has achieved significant milestones with over 800 stores by November and over 810 self-operated stores by December, surpassing its annual goals. The focus on globalization, digitalization, and sustainability is expected to drive future growth. The company is well-positioned to capitalize on the recovery in the restaurant industry through effective management and supply chain capabilities [2][9]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 708 million, 848 million, and 1.007 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 13, 11, and 9 times based on the current stock price [9].

Core Viewpoint - The restaurant industry in 2025 is significantly influenced by the rhythm of delivery subsidies, with mid-to-low ticket price categories benefiting from substantial subsidies, enhancing their cost-performance advantage and showing strong demand in certain phases [1] Group 1: Company Performance - In the first half of 2025, the company actively optimized single-store user experience (UE) and increased profits, benefiting from enhanced subsidies starting in Q2, leading to a remarkable growth in delivery revenue (1H25 YoY +13.7%) and an increase in revenue share (1H25 delivery accounted for 39%, YoY +2.5 percentage points) [1] - The company is expected to accelerate store openings in the second half of 2025, with a focus on both existing and new regions, while also adjusting menu prices and delivery product offerings to maintain its core competitiveness of "delicious and affordable" [1] Group 2: Strategic Adjustments - Starting in Q4 2025, the company has begun to adjust its online product structure and delivery thresholds to optimize sales channel structure, including the removal of selected meal sets from delivery platforms and increasing the minimum order price to 30 yuan by January 2026 [1] - By the end of 2025, the company plans to reduce menu prices by approximately 20% on core dishes, adhering to the principle of "benefiting the public," which may lead to short-term pressure on same-store sales but is expected to maintain healthy gross margins (1H25 gross margin at 70.5%, YoY +2.6 percentage points) [1] Group 3: Expansion and Incentives - As of the end of 2025, the company operates approximately 818 stores across 14 provinces and 193 cities, with an estimated net increase of 146 new stores in the second half of 2025, significantly accelerating from just 5 new stores in the first half [2] - The company has launched a stock incentive plan to deepen the binding of interests among stakeholders, including founders, executives, and external partners, and is exploring new retail platforms to leverage its supply chain capabilities [2] Group 4: Financial Forecast and Valuation - Due to the company's proactive adjustments in channel structure and menu pricing starting in the second half of 2025, there may be short-term disruptions to revenue and profit performance, leading to a downward revision of net profit forecasts for 2025-2027 to 701 million, 786 million, and 930 million yuan respectively, with corresponding EPS of 0.60, 0.67, and 0.79 yuan [2] - The target price has been adjusted to 11.41 HKD, reflecting a 15x PE for 2026, down from a previous target of 13.15 HKD, which corresponded to a 19x PE for 2025 [2]

浙商证券（601878）发布研报称，首次覆盖给予小菜园(00999)"增持"评级，小菜园是一家全国领先的 中式大众便民餐饮连锁企业，该行预计小菜园2025-2027年营业收入分别为55/67/80亿元，归母净利润分 别为7.3/8.8/10.6亿元，对应PE约14x/11x/9x。考虑到公司在核心市场的领先地位、供应链与数字化能力 以及品牌竞争力，该行认为公司可享估值溢价。 浙商证券主要观点如下： 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、标准化的中式餐饮体 验。小菜园凭借SKU精简、供应链体系完善、自动化设备投入及门店面积收缩，正进入效率兑现期，未 来全国扩张潜力巨大。2021-2024年，公司收入由26.5亿元增至52.1亿元，CAGR约25%;毛利率由约66% 提升至约68%，净利率由约9%提升至约11%，盈利能力和资本回报稳步提升。 在运营端，公司通过SKU精简、自动化设备投入及门店面积收缩，持续降低单店运营复杂度，使人工成 本率在扩张过程中保持下行;供应链端，马鞍山十亿级中央工厂即将竣工，未来为3,000店供应链中枢， ...